Facebook confirmed the charge in April and informed that the data of a total of 87 million users was used without authorisation by the data firm.

Known for its connection with US President Donald Trump's 2016 Presidential campaign, Cambridge Analytica was recently alleged to have influenced the 2014 general elections in India as well.

According to several media reports, Cambridge Analytica, said in its May 2 statement that it has "been the subject of numerous unfounded accusations" and that it has been vilified for activities that are not only legal, "but also widely accepted as a standard component of online advertising."

The company blamed a "siege of media coverage" for driving away customers and forcing its closure.

This week, the New York Times reported that the US Justice Department and the FBI are investigating the British political consulting firm.